The Real Deal New York

The New York Wheel is getting sold for parts at auction

Parts of failed project up for sale include its legs, drive towers and cable spokes
December 10, 2018 12:30PM

The New York Wheel and an auctioneer (Credit: Financial Times via Flickr and New York Wheel)

Discarded parts from the failed New York Wheel project will get put up for auction next month in Delaware.

Parts going up for sale will include the wheel’s legs valued at $9.2 million, its drive towers valued at $3.3 million, its cable spokes valued at $4.4 million, its frame braces valued at $3.4 million and 36 capsules valued at $23 million, according to the New York Post. The project’s 9,147 tons of steel might also get sold for scrap metal.

The auction itself will take place on Jan. 16, and bidders must make their offers by Jan. 11.

The New York Wheel had long been plagued by cost overruns, delays and infighting, and officials announced that they were pulling the plug on it in October. Its demise marked one of the largest EB-5 failures ever. [NYP] – Eddie Small